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London Offices – An Olympic Year?

Mayfair refubishment

London Office Market – Special Report

West End HQ plan

Mayfair scheme revived

Broker signs for new City scheme

Hotel replaces offices

City refurbishment

Stockland nears completion

Midtown construction start

Docklands office application

Contractor lined up for £75m redevelopment

Hammerson begin work in EC2

Stock Exchange to complete in 2008

Paternoster at structural completion

Planning permission for Stock Exchange.

Latest Insignia London Report

LSE makes property provision

Grimshaw designs for LSE

Another London tower

London Stock Exchange considers bids

Nasdaq to open City office

As cranes disappear ...

As cranes disappear from office development sites in central London the question is what are the triggers needed to start the next cycle of development. This comes down to supply and demand.

In the first half of 2010 take-up in central London was a healthy 5.7m sq ft, slightly up on the 5.6m sq ft of deals done in the second half of 2009 and comfortably ahead of the 3.2m sq ft of deals recorded in the first half of 2009.

The financial services sector has the most active with nearly 2m sq ft of office space taken up, followed by 690,000 sq ft taken by professional services firms and 330,000 sq ft by insurance companies.

In terms of area the City of London accounted for nearly 2.6m sq ft of the office space taken up, with Midtown take-up being 1m sq ft, and the take up in Docklands 700,000 sq ft. The West End managed a relatively slender 1.3m sq ft of space taken.

New requirements for office space in central London during the first half of 2010, amounted to around 4.1m sq ft, just ahead of levels in 2009.

So far in the second half of 2010 office deals continue apace as firms take advantage of rent deals. However, for the few remaining ‘iconic’ office buildings In the City of London and West End rents now seem to be be on an upward path.

The amount of available Grade A (newly completed or refurbished) office space in central London peaked in autumn 2009, with 12m sq ft being available in the City and 8m sq ft in the West End. Since then the take up of office space has reduced by 17%, with the amount of space available being 9.5m sq ft in the City and 7.5m in the West End. In total this is gives an availability to stock ratio of just over 7%, a fairly healthy level, when a ‘normal’ market is seen as being a ratio of 5%.

A reducing amount of office space, prospects of rising rents, and demand holding up, are the key signals for office construction starting again. Developers are already busy dusting off plans and clearing sites in anticipation of starts in 2011. The only thing holding things back may be development finance.

Andy King

Subscribe now - (10-09-2010)

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GVA prediction on rents

GVA Chapman Swaby has published research findings with the conclusion that the amount of office space coming forward in the City of London and fringe areas will hold back rent rises. The firm has said that 18m sq ft of office space will be built over the next six years, or so, of which 8m sq ft will be replaced stock and 10m will be new additions to stock. Overall the level of stock in the City would rise from around 88.5m sq ft to about 100m sq ft in 2008. GVA predicts that rent rises on prime space in the City will be 5.2 per cent a year, higher than the average of 2.9 per cent predicted for other UK cities. - (04-10-2005)

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Hammerson to redevelop Stock Exchange

The London Stock Exchange has sold the freehold of Exchange Tower and a site at 24, Throgmorton Street, London, EC2 to Hammerson, the property developer, in a deal worth about £67m. The site has planning consent for 45,522 sq m (490,000 sq ft) office and retail scheme designed by Nicholas Grimshaw & Partners, which involves the refurbishment of the tower and a new build office and retail block. - (07-02-2004)

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Glasnost - Online Project, Contact & Image Management

Hammerson sale falls through

Hammerson has issued a statement on the London Stock Exchange to the effect that its deal to sell three office buildings to Fordgate, a private company, has fallen through. Fordate was to have paid around £122m for 21 Moorfields, London EC2, and Grant Thornton House and 40, Melton Street, Euston Square, NW1. Hammerson has said that it has "fulfilled the outstanding conditions" and that "the proposed purchaser has failed to complete the transaction in accordance with the contract". Hammerson has therefore terminated the contract and appears to be intending to retain Fordgate's deposit and seek redress. Fordgate has responded to Hammerson's statement saying it was "factually incorrect and libellous... No subsidiary of Fordgate Limited asn contracted to acquire the properties mentioned". - (26-11-2003)

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Exchange plans reclad

The London Stock Exchange has submitted plans to the Corporation of London for the development of its site at 125 Old Broad Street EC2. The Stock Exchange is to relocate to Paternoster Square in mid-2004 and is planning to sell its existing premises on gaining planning consent. The new plans, by architect Nicholas Grimshaw, include a major refurbishment and re-cladding of the late 1980's 27-storey Exchange Tower and the development and a new podium level of 3,031 sq m (32,625 sq ft) as part of the 'East' Building and a new nine-level block (The West Building), providing 23,958 sq m (257,883 sq ft) of offices, will be created on the site of the old trading floor on the corner of Old Broad Street and Throgmorton Avenue. The scheme will provide a total of 65,804 sq m (708,314 sq ft) of office space (gross external area) and also include 7,236 sq m (77,888 sq ft) (gea) of retail space. City Offices Management is the project manager and Ove Arup is the structures and services consultant. - (13-11-2002)

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Stock Exchange submits plans

The London Stock Exchange has submitted plans to the Corporation of London for the development of its site in Old Broad Street, London EC2. The Stock Exchange is to relocate to Paternoster Square in mid-2004 and is planning to sell its existing premises on gaining planning consent. The new plans, by architect Nicholas Grimshaw, include a major refurbishment of the 26-storey Exchange Tower and the development of two new buildings. An eight-storey block will be created on the site of the old trading floor and a five-storey building on the corner of Old Broad Street and Throgmorton Avenue. The scheme will provide 44,128 sq m (475,000 sq ft) of office space and also include 3,716 sq m (40,000 sq ft) of retail space. The London Stock Exchange is being advised by Greycoat subsidiary City Offices and Insignia Richard Ellis has advised on the plans. - (17-10-2002)

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Greycoat to advise Exchange

Greycoat is to advise the London Stock Exchange on the redevelopment of its site on Old Broad Street, London EC2. The LSE will relocate from its 15,793 sq m (170,000 sq ft) of office space in the 26-storey Exchange Tower in 2004. City Offices, owned and operated by the management of Greycoat, is thought to have beaten rival Stanhope to the consultancy role. The Stock Exchange is being advised by Insignia Richard Ellis. - (14-07-2001)

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Exchange Tower on market

The London Stock Exchange has confirmed that it is to relocate to King Edward Court at Paternoster Square EC4 in 2004. The London Stock Exchange is said to have taken a 25-year lease at £12.5m per annum. Exchange Tower, currently partly occupied by the exchange, has been valued at £93m and will be sold for redevelopment. The London Stock Exchange has owned the freehold of the building since 1972. The London Stock Exchange was advised by Insignia Richard Ellis. - (12-06-2001)

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London economy slows

The Centre for Economics and Business Research has said that growth in London's economy will be cut by more than half in 2001 as the downturn in the economy affects firms in the capital. The decline in corporate finance work and stock market slump will see the financial services sector act as a drag on London's growth. The CEBR expects the London economy to grow by just 2.1% this year, down from 5% last year. In 2002 growth could increase slightly to 2.6% but will be behind the national average of 3%. The report on London's economy also predicts 10,000 job losses. - (18-05-2001)

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London Stock Exchange to stay in City

The London Stock Exchange is reported to have decided to take a pre-let on the 19,440 sq m (209,260 sq ft) King Edward Court building at Paternoster Square, London EC4. The London Stock Exchange had been rumoured to be considering a move to Canary Wharf but it is thought that no suitable space was available. In particular the London Stock Exchange is said to require "its own front door". The King Edward Court building is being developed by Mitsubishi Estates and is planned to be completed in 2004. The London Stock Exchange has about 500 staff and occupies just over half its existing building in Old Broad Street, London EC2. It is said that the exchange may now sell the 26-storey 1970's tower as a redevelopment scheme. - (09-04-2001)

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London Stock Exchange may relocate

The London Stock Exchange has announced that it is considering vacating the 24-storey Exchange Tower in Old Broad Street EC2 as part of a defence against a hostile bid from Sweden's OM Group. The London Stock Exchange could relocate to a new headquarters by 2004 and could sell the building, which it is said may be worth about £100m. The relocation by 2004 would tie in with lease expiry on the premises. Insignia Richard Ellis was appointed in June 1999 to advise the Exchange on its property requirements. - (20-10-2000)

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Company Details for Stockland (was Stockland Halladale)